There were 818,000 fewer jobs created than previously reported, the U.S. Bureau of Economic Analysis (BLS) admitted Wednesday in its revision of the job growth for the 12 months through March 2024.
That averages a monthly decrease of 68,167 jobs, dropping monthly job growth to 174,000 – well below the 200,000 benchmark separating “good” from “poor” monthly growth.
Due to the downward revisions to the 12-month, non-farm job estimates:
- Total non-farm job creation was revised down from 2.9 million to 2.1 million.
- The average number of jobs added per month was revised down from 242,000 to 174,000.
- Professional and business services job growth was cut by 358,000.
- Leisure and hospitality job growth was cut by 150,000.
- Manufacturing job growth was cut by 115,000.
- Job growth in the trade, transportation and utilities sector was lowered by 104,000.
- Retail trade job growth was revised down by 129,000.
"This fuller view of the jobs market nullifies a year's worth of exaggerated headlines that have helped the Biden-Harris administration present a false picture of economic strength," Job Creators Network CEO Alfredo Ortiz said in a statement reacting to the revisions.
The BLS report represents its yearly preliminary estimate of the upcoming annual benchmark revision to the establishment survey employment series. The final benchmark revision will be issued in February 2025 with the publication of the January 2025 Employment Situation news release.